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Markit Flash Eurozone PMI July 2013

Markit Flash Eurozone PMI July 2013

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Published by economicdelusion
Markit Flash Eurozone PMI July 2013
Markit Flash Eurozone PMI July 2013

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Published by: economicdelusion on Jul 24, 2013
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07/26/2013

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Page 1 of 4
 
© Markit Economics Limited 2013
 
News Release
Purchasing Managers’ Index
 ® 
 MARKET SENSITIVE INFORMATION
EMBARGOED UNTIL: 0900 (UK Time) 24 July 2013
Markit Flash Eurozone PMI
®
 
Eurozone stabilises as PMI hits one-and-a-half year high
 Flash Eurozone PMI Composite Output Index
(1)
at50.4 (48.7 in June).18-month high.
 Flash Eurozone Services PMI Activity Index
(2)
at49.6 (48.3 in June). 18-month high.
 Flash Eurozone Manufacturing PMI
(3)
at 50.1(48.8 in June). 24-month high.
 Flash Eurozone Manufacturing PMI Output Index
(4)
 at 52.3 (49.8 in June). 25-month high.
Data collected 12-23 July.
The
Markit Eurozone PMI
 ® 
Composite OutputIndex
rose above the 50.0 no-change level in Julyfor the first time since January 2012, according tothe flash estimate. The PMI rose for the fourthsuccessive month, up from 48.7 in June to 50.4.Manufacturers reported the largest monthlyincrease in output since June 2011, registering anexpansion for the first time since February of lastyear. Service sector activity meanwhile fell onlymarginally, recording the smallest decline in thecurrent 18-month sequence and showing signs of stabilising after the marked rates of decline seenearlier in the year.New orders fell only marginally during the month,registering the smallest decline since August 2011.The rate of loss of new orders has now eased for four straight months, helping the rate of decline inbacklogs of work ease to the slowest for nearly twoyears in July.New orders for manufactured goods rose for thefirst time since May 2011, buoyed by a slightincrease in new export orders. Incoming newbusiness in the service sector meanwhile continuedto decline, although the drop was the smallest seensince March of last year.The easing in the rate of loss of new business wasa factor helping drive expectations for servicesector business growth in the year ahead to thehighest since April.
Markit (Flash) Eurozone PMI and GDP
 The rate of job losses eased during the month,dropping to the lowest since March 2012. Rates of  job losses eased in both manufacturing andservices to 18- and 13-month lows respectively.Input costs showed the first noteworthy increase for four months, although the rate of inflation remainedlower than seen at the start of the year. Lower manufacturing input prices contrasted with faster growth of service sector costs.Intense competition caused prices charged for bothgoods and services to fall again, however, droppingat an identical rate to June on average.By country, output rose at the fastest rate for fivemonths in
Germany
. Service sector growth hit afive-month high while manufacturers reported thesteepest monthly increase in output since Februaryof last year. Overall job creation hit the highestsince March.In
France
, the rate of decline eased to the slowestseen since output began falling in March 2012. Thiswas buoyed by a return to growth in manufacturing,which reported the largest rise in production for 17months. The service sector meanwhile saw thesmallest downturn in activity for 11 months.Employment fell across both sectors, though to theweakest extent since April 2012
 
 
Page 2 of 4
 
© Markit Economics Limited 2013
 
Outside of the two biggest member states outputfell only marginally, posting the smallest declinesince June 2011. New business fell at the slowest
rate since May 2011. The „
periphery
‟ likewise saw
a corresponding easing in the rate of job losses tothe weakest since September 2011, though the rateof job cutting remained solid.Commenting on the flash PMI data,
ChrisWilliamson, Chief Economist at Markit
said:
“ 
The best PMI reading for one-and-a-half years provides encouraging evidence to suggest that theeuro area could 
 –
at long last 
 –
pull out of itsrecession in the third quarter.
“The revival is being led by a broad 
-based upturn inmanufacturing, where growth surged to a two-year high. Increased goods production was reported inGermany, France and across the rest of the regionas a whole.
“There are also promising signs of stabilisation in
the service sector, which hints at some much
 –
needed upturns in domestic demand. Rising servicesector activity in Germany is being accompanied by slower rates of decline in France and elsewhereacross the region.
“Employment continues to fall, but even on the jobs
front there is welcome news in that companies arecutting back on headcounts to a lesser extent thanearlier in the year.
“The survey data will therefore provide a summer 
fillip to policymakers, especially in terms of therebeing light at the end of the tunnel for austerity-hit  periphery countries where political and social tensions have risen. The ECB in particular will befeeling much more confident in its expectation of the region returning to growth by the end of theyear.
” 
 
-Ends-
Core v. Periphery PMI Output IndicesCore v. Periphery PMI Employment Indices
 
 
Page 3 of 4
 
© Markit Economics Limited 2013
 Summary of July data
 
Output
 
Composite Output increases for firsttime since January 2012,albeit at marginal rate.
Services Activity falls at weakest rate incurrent 18-month sequence.Manufacturing Output increases at fastestpace since June 2011.
New Orders
 
Composite New business declines for twenty-fourth successivemonth, but at marginal rate.
Services New business declines atweakest rate since March2012.Manufacturing New orders rise for first timesince May 2011.
Backlogs of Work
 
Composite Backlogs fall at slowest sinceAugust 2011.
Services Outstanding business drops atslowest rate for 16 months.Manufacturing Backlogs fall at slowest rate in25 months.
Employment
 
Composite Jobs decline at slowest pacesince March 2012.
Services Employment declines atweakest rate since June 2012.Manufacturing Jobs shed for eighteenthsuccessive month, but atslowest rate in that sequence.
Input Prices
 
Composite Input prices rise for secondconsecutive month.
Services Input price inflation at seven-month high.Manufacturing Input prices fall for sixth monthrunning, and at faster rate.
Output Prices
 
Composite Output prices fall for sixteenth month running.
Services Charges decline at stronger rate than in June.Manufacturing Factory gate prices fall for seventh month running.
PMI
(3)
Manufacturing PMI rises to two-year high of 50.1.
OutputNew businessEmploymentInput pricesOutput prices
Source: Markit.

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